Let me start with a personal anecdote. Back in the 2021 bull market, I read an article suggesting that two great buys at the time would have been Chewy (NYSE: CHWY ) and Fastly (I’m a long-term investor focused on U.S. and European equities, with a dual emphasis on undervalued growth stocks and high-quality dividend growers. Through years of experience, I’ve learned that sustained profitability—evident in strong margins, stable and expanding free cash flow, and high returns on invested capital—is a more rel ...